MNI China Press Digest July 2: PBOC, FDI, Land Revenue

MNI: PBOC Net Drains CNY298 Bln Via OMO Tues; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

MNI: PBOC Sets Yuan Parity Higher At 7.1291 Tues; -0.09% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1291 TUES VS 7.1265

MNI China Daily Summary: Monday, July 1

June CPI Below Market Expectations, Headline Y/Y At 2.4%

MNI: UK JUN BRC SHOP PRICES -0.2% M/M, +0.2% Y/Y

Multivariate Core Trend Inflation Falls To Post-2020 Low

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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#1: 1.25% Jul-27

GILT AUCTION PREVIEW
  • This morning's first auction will see GBP2.75bln of the 1.25% Jul-27 gilt on offer.
  • This will be the fifth auction of the gilt so far this fiscal year.
  • Demand has remained strong around the 7-year point of the curve with the last auction of the 1.25% Jul-27 gilt seeing a bid-to-cover of 2.61x and a tail of 0.2bp. There have since been two auction of the 0.125% Jan-28 gilt which have also seen strong demand with bid-to-covers of 3.22x and 2.67x and tail of 0.1bp and 0.2bp respectively.
  • We expect another strong auction today in what will be the last 7-year auction of the calendar year.
  • RESULTS: Results will be available shortly after the auction closes at 10:00GMT with a further GBP687.5mln nominal available to successful bidders through the PAOF.
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